Are you looking to get a property manager for your apartment? The latter can be the best decision you’ve ever made, or the worst one. It all depends on how much you know about choosing the right one.
Before you even think about engaging a property management service, it is crucial that you have a good understanding of what a property manager does and what to expect out of them. Only then can you determine whether or not a particular property management service is well suited to your needs.
What exactly is property management?
Simply put, property management revolves around the operation, control and oversight of real estate properties. The key term here is “management” which means that the service provider will be responsible for maintaining, overseeing and improving a piece of commercial real estate — houses, apartments, condominiums, and the like.
Property managers are likewise responsible for all items, equipment and tools inside the property that they manage. Proper use and upkeep of these assets are an essential part of their deliverables.
What can a property management service do for you?
Among the primary responsibilities of property managers is to set fair rental/purchase prices for real estate properties. For instance, property managers for Meriton Apartments in Zetland discuss pricing matters with owners and make recommendations based on the condition and location of the property.
Property management services are likewise responsible for generating and pursuing leads for buyers/tenants. In this regard, they maintain an extensive network of property owners that make them one of the best avenues for connecting property owners with customers.
Here is a rundown on the other notable duties that you can expect out of a property manager:
- Help protect the owner’s investment by screening tenants. This includes conducting interviews and performing a background check on interested parties.
- Property owners often don’t have the time to follow up on leases. Property management services can undertake this task on their client’s behalf. They are likewise responsible for going after tenants that default on their leases.
- Undertake evictions — perhaps the most challenging aspect of leasing a property. A tenant may not have been able to pay their lease or causing trouble with other tenants in the property. In most cases, these tenants will have to be forced out of the property, and all outstanding fees settled.
- Listen and respond to complaints/emergencies from buyers and tenants.
- Perform a thorough inspection of a property after a tenant has moved out. The property manager looks for any damage to the property (as a result of negligence) and whether anything needs to be deducted from a tenant’s security deposit.
- Manage upkeep and repairs of a rental property.
- Maintain records relevant to the sale or lease of a property. This includes contracts, transaction receipts and tax records.
So there you have it — a good look at the duties undertaken by a property management service. As you may have already realized, managing a property is not as easy as it seems. Property managers render invaluable service to property owners looking to sell or lease real estate.